Hamburg-based Wolbern Invest has announced the acquisition of the TriCon office building in Frankfurt Rhein-Main from local developer Hochtief. The companies agreed not to disclose the transaction price.
Hamburg-based Wolbern Invest has announced the acquisition of the TriCon office building in Frankfurt Rhein-Main from local developer Hochtief. The companies agreed not to disclose the transaction price.
Completed in 2009 by Hochtief Project Development, the scheme offers around 6,200 m2 of lettable space fully leased to a range of tenants including raw material processing group Outotec, which has a 10-year lease on the asset. The building meets high environmental standards and is certified under LEED green certification.
Matthias Klein, sales manager at Wölbern Invest, said TriCon is a 'truly core' asset offering a low risk, coupled with a stable cash flow. The property will be transferred to a new closed-end fund, Fonds Deutschland 05, which will be marketed to investors in June 2011. The vehicle will have a life term of 10 years.
